Global Renewable Energy Surges to Record Levels

Global Renewable Energy Surges to Record Levels

New solar, wind and hydropower sources were added in 2015 at the fastest rate the world has yet seen, according to a study.
Investments in renewables during the year were more than double the amount spent on new coal and gas-fired power plants, the Renewables Global Status Report found, BBC reported.
For the first time, emerging economies spent more than the rich on renewable power and fuels. Over 8 million people are now working in renewable energy worldwide.
For a number of years, the global spend on renewables has been increasing and 2015 saw that arrive at a new peak according to the report. About 147 gigawatts of capacity were added in 2015, roughly equivalent to Africa's generating capacity from all sources.
China, the US, Japan, the UK and India were adding on the largest share of green power, despite the fact that fossil fuel prices have fallen significantly. The costs of renewables have also fallen, the authors said.
"The fact that we had 147 GW of capacity, mainly of wind and solar is a clear indication that these technologies are cost competitive (with fossil fuels)," said Christine Lins, who is executive secretary of REN21, an international body made up of energy experts, government representatives and NGOs, who produced the report.
"They are the preference for many countries and more and more utilities and investors and that is a very positive signal."
Investment in renewables reached $286 billion worldwide in 2015.
With China accounting for more than one-third of the global total, the developing countries outspent the richer nations on renewables for the first time.
When measured against a country's GDP, the biggest investors were smaller nations like Mauritania, Honduras, Uruguay and Jamaica.
Despite a significant falloff in European investment in renewables, down around 21%, green power is now the leading source of electricity, providing 44% of total EU capacity in 2015.
As of early 2016, 173 nations had renewable energy targets in place.

Short URL : http://goo.gl/SVeOIT
  1. http://goo.gl/J4cRhh
  • http://goo.gl/AWQUb9
  • http://goo.gl/eNMYwm
  • http://goo.gl/5QTJQd
  • http://goo.gl/tHVQrR

You can also read ...

Oil prices fell on Monday after China threatened duties on American crude imports in a trade dispute with Washington.
China’s threat to impose duties on US oil imports will hit a...
Venezuela Oil Sales to China Set to Plunge to 8-Year Low
Venezuela’s economic and oil industry demise is likely to...
Masjed Soleyman petrochemical project's Phase 1 construction site
The construction operation of the mega petrochemical project...
Equinor Awards $3.7b Service Deals
Norwegian oil and gas firm Equinor has awarded drilling and...
OPEC members are to meet on  June 22-23 in Vienna.
Iran says Venezuela and Iraq will join it in blocking a...
Hamedan Power Plant  Cuts Gas Consumption
Shahid Mofatteh Power Plant in Hamedan Province has scaled...
Strengthening Local Enterprises Should Be NIOC Priority
The National Iranian Oil Company needs a policy paradigm shift...